G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
For real-time up-to-date data/news/research/ideas/strategies, check out our insights panel on the CMC Markets NextGen platform and follow us on Twitter:
Azeem Sheriff - @Azeem__Sheriff
CMC Markets - @CMCMarketsAUSNZ
Trading Idea of the Day
NYSE:BBY Best Buy - BULLISH BIAS
- A declining Yen makes Japanese electronic goods more appealing.
- Electronic goods retails in the US eg) Best Buy, can import a higher volume of these electronics as USD strengthens and Yen declines, providing them more purchasing power,
- Profit margins on these goods may see an uplift and should help to offset some of the impacts caused by tougher economic conditions.
- Although two key risk factors involve over-purchasing and keeping excess inventory in storage and also the potential reduction in consumer demand.
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Cineworld lags meme stocks Bed Bath & Beyond and BlackBerry
Podcast of the Day: OPTO Sessions Inside Callum Thomas’ Topdown Charts analysis process
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 7am AEST
EXPECTATIONS: Energy HIGHER (higher oil) & Materials LOWER on falling base metal prices.
Global Markets Headlines
- Nord Stream pipelines hit by suspicious leaks in possible sabotage; Russia says it has ‘a right’ to use nuclear weapons (CNBC)
- Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes (CNBC)
- UK lenders halt mortgage deals to customers after market chaos (CNBC)
- Celsius CEO resigns in the middle of bankruptcy proceedings (CNBC)
- Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank (CNBC)
- Larry Summers blasts UK tax cuts as ‘utterly irresponsible’ and warns of possible contagion (CNBC)
- Bankrupt crypto lender Voyager to sell assets to Sam Bankman-Fried’s FTX for $1.4 billion (CNBC)
U.K. Seeks to Calm Investors Over Clash Between Inflation Fight and Truss Tax Cuts (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
